Intel stock jumped in premarket trading after beating third-quarter estimates for profit and sales.
Intel stock jumped in premarket trading on Friday morning after the company beat Wall Street expectations for profit and sales.
The Friday boost was largely due to strong demand for PCs and management's ability to stay on course for a number of initiatives it had previously laid out for the company.stock jumped 10% in premarket trading on Friday morning after the company beat Wall Street expectations for profit and sales. The Friday boost was largely due to strong demand for PCs and management's ability to stay on course for a number of initiatives it had previously laid out for the company.Goldman Sachs analysts acknowledged that their expectations for Intel had been too cautious but added that they are concerned about Intel's future transformation and foundry business, which is the company's relatively new chip-manufacturing business.
"The bigger positive headlines will come from the peripherals - foundry and AI commentary. We expect the stock to offer tactically positive risk reward from here, as the ongoing market recovery will make investors receptive to any of the longer term positives," Morgan Stanley analysts wrote in a note to investors.Intel is also on track to hit its goal of $3 billion in savings for the year, according to CEO Pat Gelsinger. JPMorgan analysts praised the savings in an investor note.
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